Zuckerberg sells $95 mln in Facebook sharesAugust 20, 2016 - 13:51 AMT PanARMENIAN.Net - Facebook CEO Mark Zuckerberg has sold a huge chunk of stock to fund his recently launched philanthropic initiative, according to a new regulatory filing on Wednesday, August 17, Fortune reports. His philanthropic venture, Chan Zuckerberg Initiative, has sold 760,000 Facebook shares worth nearly $95 million. Zuckerberg and his wife, Priscilla Chan, announced the creation of the organization, the Chan Zuckerberg Initiative (CZI), when their daughter, Max, was born in 2015. The Initiative is focused on “personalized learning, curing disease, connecting people and building strong communities.” At the time, the couple pledged to give away 99% of their Facebook shares over their lifetime to philanthropy through the organization. In December, that amount was worth around $45 billion. During that month, Zuckerberg moved 99% of his Facebook shares to CZI while saying he would start by selling up to $1 billion annually for the next three years. Since that time, Facebook’s stock price has risen in value by more than 18%. Zuckerberg and Chan’s effort to donate their wealth was initially controversial because the Chan Zuckerberg Initiative was a limited liability corporation instead of a non-profit. Zuckerberg has defended the decision by saying it affords the organization more flexibility when it comes to allocating funds towards various causes. He also said that any money earned by the Initiative would be put back into charitable efforts. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Kazakh Foreign Minister arrives in Armenia Kazakh Foreign Minister Murat Nurtleu on Monday, March 18 arrived in Armenia for a two-day trip. Aliyev touts “good chances” for normalizing ties with Armenia Azerbaijani President Ilham Aliyev has declared that there are “good chances” for normalizing relations with Armenia. Putin secures fifth term as Russian president Russian President Vladimir Putin has secured a fifth term in office through a dubious national plebiscite. Top Armenian, Indian defense officials discuss cooperation The discussions primarily focused on enhancing cooperation in the defence sector between Armenia and India. |